Toshiba's 2016 losses are worse than expected

Losses have hit around US$8.9b.

Japanese industrial group Toshiba Corporation has been granted a new deadline for the submission of its audited earning results from 30 June 2017 to 10 August 2017 and also published a revision of its annual loss estimate, according to Enerdata.

The company reported that Westinghouse's accounting and auditing procedures will not be ready until the end of July and therefore no consolidated results can be published until that date.

Here's more from Enerdata:

According to the last update, the full year net income/loss figure is worse than the previous estimate and now reaches Yen995bn (US$8.9bn) in 2016, vs. Yen460bn (US$4.1bn) in 2015. The previous full year estimate was Yen950bn (US$8.5bn). This result stems in particular from significant impairments of Westinghouse assets. In March 2017, Toshiba's Board has announced it has approved a bankruptcy protection file submission for Westinghouse within the frame of the Chapter 11 of the U.S. bankruptcy code.

Westinghouse is in charge of all AP1000 nuclear projects worldwide, including four in the United States (two units at VC Summer in South Carolina and two at Vogtle, in Georgia), and four in China (two at Sanmen and two at Haiyang).